LBR LBO Summit
LBR LBO Summit

Commercial Bank Dispenses Rs 21.54 billion in first 14 days of April

The Commercial Bank of Ceylon smashed itsrecords for cash dispensed via the Bank’s automated teller machine (ATM) network over a 14 day period this ‘Avurudu’ season, dispensing a jaw-dropping Rs 21.54 billion between 1stand 14thApril.

On four of these 14 days, the 625-terminal network dispensed more than Rs 2 billion a day, with the peak of Rs 2.504 billion being achieved on Friday, 8th April, a new record for cash dispensed in a single day, the Bank said.

Commercial Bank’s ATMs processed 3.4 million requests for cash withdrawals during the fortnight at an all-time high average of 243,571 withdrawals per day.

“These figures are very encouraging and show the public’s trust in our ATM network,” Commercial Bank’s Managing Director/Chief Executive Officer Mr Jegan Durairatnam said. “While reaffirming the capacity and reliability of our ATM network, they also emphasise the indispensable role the network plays in the lives of millions of people, including holders of ATM cards issued by other banks.”

The previous record for cash withdrawals in a single day was set by Commercial Bank on 10thApril 2015, when users of the Bank’s ATM network, then at 610 terminals, withdrew Rs 2.49 billion.

The Bank said the figures for April 2016 reflect a consistent increase in dependence on the Bank’s ATM network and underline the importance of expansion to serve an even wider customer base.

The Commercial Bank ATM network is the largest automated cash dispensing facility owned by a single bank in Sri Lanka. Holders of Commercial Bank’s standard ATM cum Shopping Debit Cards can withdraw up to Rs 40,000 from the Bank’s ATMs per withdrawal. The Bank also offers customers the option of setting their own ATM withdrawal limits up to a maximum of Rs 100,000 a day, and a point-of-sale limit of up to Rs 500,000.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 250 branches in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the Bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives. The Bank also received license to operate a fully owned Money Transfer Operation in Italy recently.

(press release)